How widespread are debit cards in the US?

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  • #51
Evo
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Cash out saves you going to the bank or to a bank's ATM. You say to the supermarket cashier "I'd like to buy this basket of groceries ($100.33) and I'd like $200 in cash, please", so $300.33 is debited from your bank savings account, you depart carrying groceries and $200 cash, and the transaction costs you no extra in supermarket or bank fees/interest.
Can you only tie the debit card to savings? Here they are tied to checking.
 
  • #52
NascentOxygen
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Can you only tie the debit card to savings? Here they are tied to checking.
I don't know, for the simple reason that almost no one here uses a personal cheque :wink: account now. Bank fees and charges, inherent processing delays, and rising postage costs have seen personal cheque accounts go the way of the dodo. All bill paying can be done online (or at least over the phone by providing your credit card number) and mostly without fees and charges. Businesses still use a few cheques, as do old people who never learned to use computers.
 
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  • #53
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I don't know, for the simple reason that almost no one here uses a personal cheque :wink: account now. Bank fees and charges, inherent processing delays, and rising postage costs have seen personal cheque accounts go the way of the dodo. All bill paying can be done online, and mostly without fees and charges. Businesses still use a few cheques, as do old people who never learned to use computers.
Yes, checking accounts have changed to be electronic, and used with debit cards. I haven't used a paper check in a few years.
 
  • #54
russ_watters
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I still use physical checks for a couple of bills that the company has no or crappy online paying systems. But I have a credit union and there are no fees.

Some may find interesting the different protections for the different types of transactions for my debit card:
Liability for Unauthorized Card used with PIN Transactions. Tell us AT ONCE if you believe your Card and PIN have been lost or stolen. Telephoning is the best way of reducing your possible losses. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days, you can lose no more than $50 if someone used your Card with PIN without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your Card and PIN and we can prove we could have stopped someone from using your Card with PIN without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. The following conditions are excluded from the above coverage: (1) use of the Card for which you receive a benefit and (2) use of the Card by a person with actual, implied, or apparent authority.

Liability for Unauthorized Card used without PIN Transactions. You will be liable for the amount of unauthorized Transactions made with your Card without use of a PIN as follows: Your liability for unauthorized use of your Card will not exceed: (1) $0 if: (a) you reported the loss or theft of your Card within a reasonable time of discovery of such loss or theft; (b) you exercised reasonable care in safeguarding your card from risk of loss or theft; (c) you have not reported two or more incidents of unauthorized use to the Bank in the immediately preceding twelve-month period; and (d) the account to which transactions initiated with your card were posted is in good standing, or (2) the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized user before notification to Bank if the conditions above have not been met. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us on time.
 
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